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The larger bulgebracket firms and banks definitely take the longest time to get one started. Municipal advisory firms will tend to move faster as most of those firms, with the exception of one or two behemoths, will move quicker in their hiring process. This could add anywhere to an additional thirty to ninety days.
Among the bulgebrackets , Goldman Sachs and JP Morgan should be at the top of this list now that they have dedicated teams (plus their existing reputations and market shares). Outside the bulgebrackets, many elite boutiques also advise on sports deals: PJT, Moelis, Evercore, and Rothschild (more so in Europe) are all examples.
I never expected to revisit the topic of bulgebracket banks so quickly because the full list changes slowly, and we updated it a few years ago. What is a “BulgeBracket Bank”? The name “bulgebracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal.
This has created an ongoing opportunity for mid-tier prime brokers, particularly those with broad asset class and geographical capabilities comparable to those of the bulgebracket banks. This is an ongoing pattern that we suspect will continue for some time.”
The basic difference is that the international bulgebracket banks tend to be stronger in M&A advisory and weaker in equity and debt capital markets. These banks focus on the capital markets, so you should target the bulgebrackets if you want to work on M&A deals.
First, Credit Suisse is obviously no longer a bulgebracket bank , so I’ll have to update that article. But that would have happened anyway because of the firm’s plans to spin off its IB group into Michael Klein’s advisory firm, M. What Happens Next with UBS and Credit Suisse? Klein & Co.
But they do mostly debt/lending deals , not M&A advisory, which may not be what you want. . – MPL Buy-In Transaction (BofA and Evercore) BofA – Discussion Materials and Valuation Fairness Opinion (pg. And yes, JPM and GS also operate in the sector, but they seem to be slightly lower on the ladder than the banks above.
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